Applying for general release or release with controls

Identification and assessment of risks, costs and benefits

Benefits and cost-benefit analysis

As with risks and costs, the importance of the benefits is a function of the
magnitude of the benefits and the likelihood that those benefits will be
achieved. Monetary benefits accrue from reduction in control costs and/or
increase in productivity.

The magnitude of benefits must be a marginal estimate, in other words, what
is the value of the improvement over and above the current scenario? The
likelihood of achieving those benefits is dependent on the maximum predicted
efficacy of the biological control agent, and the frequency (spatially or
temporally) with which those benefits will accrue.

Cost-benefit analysis can be a useful way of summarising the beneficial
effects of a biological control agent over time where there is good information
about the expected effects of the biological control agent. Where cost-benefit
analysis is used, the expected benefits will commonly be discounted over time,
so that short-term benefits are given greater weight than long-term benefits.
The discount rate will have a significant effect on the present value of future
benefits of biological control agents because in most cases there will be a long
lead time before benefits are fully realised, and it may also be a long time
before any effect will be observed.

This approach is not mandatory, as a reliable analysis relies heavily on good
data and assumptions. Where these are not available, discussion of the benefits
under various scenarios is sufficient. Non-monetary benefits can also be
captured in this way.

It is advisable to consult the EPA, or submit a draft before
submitting the application to ensure that risk, cost and benefit analysis is
adequate.